Okada Manila operator to list on Nasdaq through SPAC merger

Okada Manila operator Tiger Resort Leisure and Entertainment Inc. is set to list on the Nasdaq through a merger with Miami-based publicly trading special purpose acquisition company 26 Capital Acquisition Corporation.

According to a filing, the merger will infuse Okada Manila with up to $275 million in cash generated from its initial public offering in January. This will  bring its enterprise value to $2.6 billion, and equity value of $2.5 billion.

Okada Manila’s parent company Universal Entertainment Corporation will roll 100% of its equity in the transaction to own an estimated 88% of the combined company at closing, subject to dilution if further capital is raised.

The boards of directors of both 26 Capital and Okada Manila have unanimously approved the transaction, expected to be finalized in the first half of 2022.

Upon closing of the transaction, the company will have its common stock listed on the Nasdaq  through an American Depositary Receipt Program.

Okada Manila will continue to be led by president Byron Yip and chief financial officer Hans Van Der Sande, with Universal Entertainment retaining all of its holdings in the combined company.

“Okada Manila is the future of the gaming market in Asia and poised for tremendous growth,” 26 Capital CEO Jason Ader said.

“With its beautiful new facility, a desirable location in one of the fastest-growing gaming in the world, I believe the Okada Manila is an extremely compelling investment,” he added.

Okada Manila sits on over 50 acres of land in the Entertainment City in Manila, with a licensed capacity to operate 974 gaming tables and 6,890 electronic gaming machines and nearly 1,000 luxury hotel rooms. — BM, GMA News